Do you know if your FI is following regulatory guidance, does it ensure consumer complaints are heard and addressed with its Complaint Management Program?  But are you confident enough that your Complaint Management Program is as effective as it should be? 

Learn these seven tips to make your complaint management program more effective.

  1. The consumers should be able to file complaints easily:

All information like how consumers can submit their complaints should be readily available on the website, also customer-facing communications, such as newsletters and your phone directory. This can be a big point that may prevent consumers from getting frustrated. Having this information available and turning it to your regulator’s complaint center, the Better Business Bureau, or social media.

  1. Complaints should be acknowledged immediately: 

Even we as consumers expect immediate communication. Thus your complaint program should be efficient adequate that can furnish a prompt reply to consumers to temper expectations and make sure their complaints are not being duplicated.

  1. Amalgamate and log all complaints:

Complaints may emerge virtually in any section. Primarily all complaints must be channeled to the responsible division for managing complaints so that it is handled or mounted evenly.  Failing to consolidate complaints may lead to identical attempts or even substandard, conflicting results. Also, every consumer contact cannot be counted as a complaint. Ensure the team knows to log all suspicious complaints and let your complaint manager decide whether the complaint meets your Financial Institution’s definition of a complaint.

  1. Evaluating social media:

Investigating complaints from all sources is included by a proactive complaint management program. Consumers might still be talking about your Financial Institution online even if your organization doesn’t have a Twitter handle or Facebook page. To know if any allegation is factual, it’s important to apprehend these conversations to enquire into and put into effect with restorative action. Another important note is never to provide personal information about your customers when scrubbing the internet for complaints, instead uplift the complainant to log their complaint through one of your formal channels is more shielded for your FI’s.

  1. The right staff should be implied early on:

Usually, most complaints are time sensitive. The FI may lose time track to properly investigate the issue thus complaints should be logged and allocated to the relevant party quickly. A complaint manager spends hours chasing the right individual during complaint resolution while a deterrent conversation with department heads and policies can cut down on the amount of time. 

  1. Assemble and hold onto case files: 

It is essential to retain all proof accumulated and the steps taken to demonstrate the FI’s position to consumers, examiners, or litigators whenever a consumer disagrees with a complaint’s resolution.  Case files may hold hundreds of documents and screenshots thus, having all account documents, investigation materials, and written communications organized, along with the time they were created, will save hundreds of hours for the staff. Additionally, to ensure the FI is abiding by its policies and procedures your internal auditors and examiners may want to review a few files.

  1. Grasp software for tracking and analysis:

To provide for meaningful complaint analysis only the right partner can bring all the tasks under one roof like your complaints, assigning complaints to the right staffers, following up on resolutions, and keeping all files organized. 

The more enlightened your FI is, the more likely you’ll need software for managing complaints. You can free up time spent on administrative tasks, such as sending reminders and triggered notifications with efficient software allowing team members to target higher-value tasks such as risk management, complaint resolution, and taking self-corrective action.


Boston Financial Advisory Group’s COMPLIANCE iNBOX (CiB) helps businesses take care of their GRC needs. The product is 100% SaaS based and is easy to use without the requirement of assistance from an in-house IT professional.

The most important feature of the product as far as Risk and Compliance Management is concerned is that it is agile and adaptive. Given the continual changes in the business and regulatory environment, it can become quite challenging to keep up with the multitude of changes taking place. It can be a great distraction from the core business of a company as well. 

CiB helps businesses in this aspect by keeping its components up to date regarding the changes in the regulatory environment that they are operating in. With secure data and savings on cost and time, proprietors can ensure peace of mind for themselves and their stakeholders.


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